ICYMI: Binance's CZ acknowledges $1.6 billion loss in Terra investments $LUNA
Changpeng Zhao, CEO of Binance, has disclosed that the company invested in Terra as part of a Binance Labs investment in 2018, worth $3 million at the time., the Binance CEO stated that he received some LUNA coins in return, which were kept in a cryptocurrency wallet address made public and left untouched, at around 50 million LUNA.
CZ: We invested in Terra as a part of a Binance Labs investment in 2018, and that was a $3 million investment. We just kept the coins that we got, 50 million Luna. Theoretically we lost like $1.6 billion of investment at the top, and it’s okay.The Binance CEO added,"But we didn't make any money. Even today, theoretically we lost like $1.6 billion of investment at the top, and it's okay.
The original Terra ecosystem's implosion sent shockwaves through the crypto world, with major cryptocurrency exchanges coming under fire for listing the failed stablecoin and token in the first place. Binance was criticized after announcing support for Terra 2.0, the new LUNA currency, and participating in its airdrop.
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